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At Tax Alliance, we specialize in providing expert assistance to individuals and businesses seeking relief through Offer in Compromise. With years of experience and a deep understanding of IRS procedures and regulations, our team of tax professionals is well-equipped to guide clients through the complexities of the OIC process.
We have successfully helped numerous clients navigate the OIC program, securing favorable settlements and providing much-needed financial relief. Our personalized approach, attention to detail, and commitment to client satisfaction set us apart as a trusted partner in resolving tax issues through Offer in Compromise.
An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debts for less than the full amount owed. It is based on the taxpayer's ability to pay and aims to provide financial relief to individuals and businesses facing significant tax liabilities.
Through an OIC, taxpayers can propose a compromise amount that they can afford to pay based on their financial situation. If the IRS accepts the offer, the taxpayer agrees to pay the agreed-upon amount, and the remaining tax debt is considered resolved.
While OIC can be a valuable option for resolving tax debt, not all taxpayers are eligible to participate. The IRS considers various factors when evaluating OIC applications, including:
1. Ability to Pay: The IRS assesses the taxpayer's ability to pay the full amount owed based on their income, expenses, assets, and liabilities.
2. Income Level: Taxpayers must demonstrate financial hardship or inability to pay the tax debt in full due to their income level.
3. Asset Equity: The IRS considers the equity in the taxpayer's assets, including real estate, vehicles, and other property, in determining eligibility for OIC.
4. Compliance with Tax Filing Requirements: Taxpayers must be current with all tax filing requirements and have submitted all required tax returns to be eligible for OIC.
Offer in Compromise can be used to settle various types of tax debts, including:
- Income Taxes
- Self-Employment Taxes
- Payroll Taxes
- Penalties and Interest
However, certain tax liabilities, such as trust fund taxes withheld from employees' wages, are generally not eligible for settlement through OIC.
One of the primary benefits of Offer in Compromise (OIC) is the opportunity for taxpayers to significantly reduce their tax debt. Through negotiation with the IRS, taxpayers can propose a compromise amount that is less than the total amount owed. If the IRS accepts the offer, the taxpayer can settle their tax debt for a fraction of the original amount, providing much-needed financial relief.
OIC offers taxpayers a pathway to resolve their tax issues and liabilities once and for all. By reaching a settlement with the IRS through OIC, taxpayers can put an end to the stress and uncertainty associated with unpaid tax debts. OIC provides a fresh start and allows taxpayers to move forward with confidence, knowing that their tax liabilities have been resolved.
For individuals and businesses struggling with overwhelming tax debt, OIC offers a lifeline by providing financial relief. By settling their tax debt for a reduced amount, taxpayers can alleviate the burden of unmanageable tax liabilities and regain control of their finances. OIC can help prevent wage garnishments, bank levies, and other collection actions, allowing taxpayers to achieve stability and peace of mind.
1. Assessment of Eligibility: Taxpayers must determine if they meet the eligibility criteria for OIC, including the ability to pay, income level, asset equity, and compliance with tax filing requirements.
2. Preparation of OIC Application: Taxpayers must prepare and submit a comprehensive OIC application to the IRS. This includes completing and submitting Form 656, Offer in Compromise, along with supporting documentation and financial information.
3. Evaluation by the IRS: The IRS will review the OIC application and assess the taxpayer's financial situation, ability to pay, and compliance with tax laws. They may request additional information or documentation to support the application.
4. Negotiation and Settlement: If the IRS determines that the taxpayer qualifies for OIC, they will review the proposed compromise amount and may negotiate with the taxpayer to reach a settlement. Once an agreement is reached, the taxpayer can settle their tax debt for the agreed-upon amount.
5. Payment and Compliance: Upon acceptance of the OIC, the taxpayer must fulfill the terms of the agreement, which may include making a lump-sum payment or installment payments. They must also remain compliant with their tax obligations for a specified period.
- Proof of income, such as pay stubs, W-2s, or tax returns
- Documentation of expenses, including bills, receipts, and financial statements
- Asset information, such as bank statements, property valuations, and investment accounts
- Copies of past tax returns and IRS notices
- The taxpayer's ability to pay the full amount owed
- Income level and earning capacity
- Asset equity and value
- Expenses and financial obligations
- Compliance with tax filing and payment requirements
We begin by conducting a thorough evaluation of the client's financial situation to determine their eligibility for OIC. Our experienced team of tax professionals assesses the client's income, expenses, assets, liabilities, and compliance history to understand their ability to pay and likelihood of qualifying for OIC.
Once eligibility for OIC is established, we assist the client in preparing and submitting a comprehensive OIC application to the IRS. We gather all necessary documentation, including financial statements, tax returns, and supporting documents, and carefully prepare the application to present the client's case effectively.
Throughout the OIC process, we serve as the client's advocate and represent their interests in communication and negotiation with the IRS. Our team handles all interactions with the IRS on behalf of the client, including responding to inquiries, providing additional documentation, and negotiating the terms of the OIC.
Tax Alliance boasts extensive experience and a proven track record of success in handling Offer in Compromise (OIC) cases. Our team of tax professionals possesses in-depth knowledge of IRS procedures and regulations, allowing us to navigate the complexities of the OIC process with precision and skill. We have successfully helped numerous clients secure favorable OIC settlements, providing them with much-needed relief from tax debt burdens.
At Tax Alliance, client satisfaction is our top priority. We are dedicated to providing unparalleled service and support to every client who seeks our assistance with Offer in Compromise matters. Our team goes above and beyond to ensure that our clients receive personalized attention, guidance, and advocacy throughout the OIC process. We pride ourselves on our commitment to excellence and strive to deliver results that exceed our clients' expectations.
To further demonstrate our commitment to client satisfaction, Tax Alliance offers a Money Back Guarantee and Price Match Guarantee. If a client is not satisfied with our services within the initial period, we will provide a full refund of services rendered, no questions asked. Additionally, if a client finds a competitive offer, we will match and beat it by 10%. These guarantees provide our clients with peace of mind and confidence in our ability to deliver results.
Ready to take control of your tax debt and explore your options with Offer in Compromise? Contact Tax Alliance today and let our experienced team guide you through the process. Don't let tax debt overwhelm you – we're here to help.
Take the first step towards financial freedom by reaching out to Tax Alliance today. Our team is standing by to assist you with Offer in Compromise and help you find relief from tax debt burdens.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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